Absci Corporation $ABSI Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Absci position by 55.2% in the first quarter, acquiring 173,361 additional shares for a total of 487,193 shares valued at approximately $1.46 million. Institutional investors collectively own 52.05% of the company.
• Absci shares opened at $8.80, with a market capitalization of $1.51 billion and a one-year trading range of $2.24 to $12.06. The company’s latest quarterly results missed expectations, reporting a loss of $0.21 per share and revenue of $0.32 million.
• Analyst sentiment remains favorable, with eight Buy ratings and one Sell rating, producing a consensus “Moderate Buy” rating and an average price target of $13.43.

Bank of America Corp DE raised its holdings in Absci Corporation (NASDAQ:ABSI - Free Report) by 55.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 487,193 shares of the company's stock after acquiring an additional 173,361 shares during the period. Bank of America Corp DE owned 0.31% of Absci worth $1,462,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of Absci in the third quarter worth approximately $26,000. BNP Paribas Financial Markets grew its stake in shares of Absci by 91.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,287 shares of the company's stock valued at $29,000 after buying an additional 5,385 shares during the period. Legal & General Group Plc grew its stake in shares of Absci by 45.9% during the 2nd quarter. Legal & General Group Plc now owns 11,690 shares of the company's stock valued at $30,000 after buying an additional 3,678 shares during the period. Scientech Research LLC acquired a new stake in shares of Absci during the 3rd quarter worth $31,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Absci during the 1st quarter worth $31,000. Hedge funds and other institutional investors own 52.05% of the company's stock.

Absci Stock Performance

NASDAQ:ABSI opened at $8.80 on Friday. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -11.00 and a beta of 2.42. Absci Corporation has a one year low of $2.24 and a one year high of $12.06. The stock has a 50-day simple moving average of $9.30 and a 200 day simple moving average of $6.14.

Absci (NASDAQ:ABSI - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Absci had a negative net margin of 7,756.38% and a negative return on equity of 61.71%. The business had revenue of $0.32 million for the quarter, compared to the consensus estimate of $0.92 million. On average, equities research analysts forecast that Absci Corporation will post -0.74 EPS for the current fiscal year.

Analyst Ratings Changes

ABSI has been the topic of a number of research reports. BTIG Research restated a "buy" rating and issued a $13.00 price objective on shares of Absci in a report on Wednesday, August 12th. Morgan Stanley reiterated a "positive" rating and set a $10.00 target price on shares of Absci in a report on Thursday, June 25th. HC Wainwright raised their price target on shares of Absci from $8.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Guggenheim raised their price target on shares of Absci from $10.00 to $15.00 and gave the company a "buy" rating in a report on Monday, June 15th. Finally, Wall Street Zen raised shares of Absci from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Absci currently has a consensus rating of "Moderate Buy" and an average target price of $13.43.

About Absci

Absci Corporation NASDAQ: ABSI is a biotechnology company that applies machine learning, synthetic biology and automation to accelerate the discovery and development of protein-based therapeutics. The company's Integrated Drug Creation® (IDC®) platform is designed to identify and produce novel antibody and enzyme candidates at speeds and scales that traditional biopharma discovery methods cannot match. Absci works with pharmaceutical and biotechnology partners to generate, screen and optimize protein molecules for a wide range of therapeutic applications.

The core of Absci's offering is its end-to-end discovery engine, which combines proprietary algorithms, high-throughput laboratory automation and a deep learning framework.

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